Nifty Bank rallies 1% on strong quarterly earnings from top Banks; Bandhan Bank, AU Bank, Kotak bank outperform

23 Jan 2023 , 10:32 AM

Nifty Bank rallied on Monday’s bullish markets amid broad-based buying. The Index surged 1% on strong quarterly results from top Banks. 
PSU Bank stocks led by Bank of Baroda, Canara Bank, SBI led the gains.

Sensex recouped losses, reclaims 61k; Nifty around 18,150. On Monday, the domestic equity markets staged a smart rebound to recoup most losses of last week amid low-level buying in stocks.

At around 10:45 AM, BSE Sensex was trading at 61,074.16 up 452.39 points or 0.75% and Nifty50 at 18,148.50 up 120.85 points or 0.67%. Nifty Bank was trading at 42,934.95 up 428.15 points or 1.01% and Private Bank at 21,814.55 up 245.95 points or 0.91%. Nifty PSU Bank rose 0.5% at 4,250.80 points while Nifty Financial Services climbed 0.92% at Rs18,945.75.

Major Banks like Axis Bank, IDBI Bank, Canara Bank will be in focus today ahead of their Q3 earnings.

Bandhan Bank surged 4.28% at Rs247.30 per share. 

AU Bank was also nearly 3% higher at Rs633.60 per share.

Kotak Mahindra Bank rose over 1.3% at Rs1,785.80 per share. The bank reported 31% yoy growth in profit after tax (PAT) at Rs2,792 crore. The asset quality improved, while provisions increased during the quarter.

IDFC First Bank and State Bank of India and HDFC Bank were over 1% each while Federal Bank and IndusInd Bank gained 0.86% and 0.82% respectively. ICICI Bank jumped 0.79%. The private lender IDFC First Bank has reported 115 per cent jump in PAT on YoY basis, which has gone down well among the Dalal Street bulls.

Among PSU Bank’s Bank of Baroda rose 0.75% and Axis Bank 0.32%.

However, Punjab National Bank was the only loser in the sector and trading lower by 0.26% at Rs56.80 per share.

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